US pushes financial regulators to backtrack on climate risk project

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Financial Times 23h ago

US pushes financial regulators to backtrack on climate risk project - Financial Times

Quick Summary:

Since being set up five years ago, the body has produced a number of reports, including proposals to establish a global framework for banks to disclose climate risks and a set of principles for banks and their supervisors to tackle threats from global warming.

In January, the Fed left the Network for Greening the Financial System, a central banking club for researching climate risks that is housed by the Banque de France.

Kevin Warsh, seen as one of the frontrunners to replace Powell once his term as Fed chair ends in May 2026, last month attacked the US central bank’s involvement in issues such as climate change and inclusion — though he acknowledged it had now “changed its tune” by leaving the NGFS in January.